Oregon Owner Operator Insurance. If you own or operate a truck, then you need insurance that mitigates your risks and protects you from liability. Owning and operating your own truck can be a wonderful way for an entrepreneur to make a good income. With owning a truck comes freedom of being one's own boss, making it a worthwhile occupation for many owner operators. However, the need for insurance is an essential operating expense.
Protecting your business to the fullest requires that you buy a sufficient amount of Oregon owner operator insurance for your trucks.
Oregon owner operator insurance helps your business cover costs from an accident if you or an employee is found liable - with rates as low as $167/mo. Get a fast quote and your proof of insurance now.
Owner operators can make a substantial living from their businesses. According to the U.S. Bureau of Labor Statistics, the opportunities for owner/operators are poised to grow 9 percent by 2018. Most truckers bring home around $58K per year, although many make more. Most owner operators have invested a princely sum in their vehicles, and protecting them with the right level of insurance coverage is essential to the ongoing success of the small OR owner-operator or owner operators with multiple trucks.
While clearly this field is one that's rewarding, OR owner operators must protect their assets in the event that a theft or accident occurs. With the immense cost of buying a truck or fleet of trucks, it only makes sense to protect your investment with an adequate level of Oregon owner operator insurance. If an accident or theft occurs, specialized insurance is a godsend.
If you are a commercial vehicle owner, federal law requires that you maintain a minimum of $750K in liability insurance coverage. Since an accident in a large truck like a tractor trailer can potentially cause a significant amount of damage, some experts recommend that truck owners buy $5 million in coverage. It is always better to have more than you need than to have less than you need if a bad accident occurs.
The driver of your truck, if you lease it out to someone else, is responsible for carrying liability coverage on the truck. Still, if the responsible party does not carry insurance in a sufficient amount to cover an incident, you may need to buy it yourself to ensure that you are not left holding the proverbial bag if an accident occurs. Consult with a licensed agent to determine if you should purchase additional Oregon owner operator insurance to mitigate your risks.
States vary widely in the amount of insurance required from owners of large trucks, tractor trailers and semis. Check your state to be sure you're fully insured and legal on the road. Based on your situation, you may need to purchase added coverage. Some other additional coverage options include:
In addition to basic coverage types for commercial drivers, you can also choose from an array of different Oregon commercial auto insurance coverage types based on your particular needs. For instance, you may wish to opt for rental replacement insurance to cover the cost of renting a vehicle while yours is being repaired. You may choose roadside assistance and towing coverage to help offset the costs of vehicle breakdowns.
Although your particular needs, driving history, credit, and other factors go into determining the amount of your Oregon owner operator insurance premium, comparing quotes makes a lot of sense. Your age, the condition of your truck, the equipment you've added to the truck, the cargo you normally haul, the route you take - these all go into determining the cost of your policy.
Although it's difficult to estimate, the following ranges are common:
Reduce your premiums by accepting higher deductibles or working with your agent to find discounts for which you qualify. Ask your agent to comparison shop for you to find a policy that is a blend of the protection you need and a budget you can afford.
If you are thinking about doing business in the Pacific Northwest, you might have your sights set on Oregon. However, before you set up shop, it's important for you to have an understanding of the economy - so that you can make the best decisions possible. It's also important for you to know what type of business insurance policies you are legally required to carry in order to do business in OR.
In order to help set you up for success, below, we highlight some of key information regarding the economy in Oregon, as well as the regulations regarding commercial insurance.
In 2018, Oregon is projected to see an increase in their economy. The unemployment rate was 4.1 percent at the end of 2017, and it is expected that it will either stay the same or drop even lower by the end of 2019.
There are several industries that are expected to contribute to the job market and the economy overall in the state of Oregon. The industry that is expected to see the most gain in this state during the 2018 calendar year is construction, with an increase of 10.5 percent. The manufacturing industry is also expected to see significant growth, with a forecasted increase of 4.3 percent. Other industries that are expected to see growth in OR in 2019 include:
The Division of Financial Regulation oversees the insurance industry in Oregon. Here workers compensation insurance is mandated. If you employ one or more person, whether that person is full-time or part-time, or is hourly or salaried, you are legally required to carry this type of coverage. Additionally, you must carry commercial auto insurance if you operate vehicle for any business-related purposes, whether it's meeting with clients, making deliveries, or transporting goods.
While commercial general liability insurance is not required in OR, it is highly recommended. This type of coverage will protect you from any lawsuits and the accompanying settlements that may arise in the event that some slips and falls, or claims that you damaged their property. You should also consider investing in commercial property insurance, as it can help to offset the cost of any property losses that you might experience.
Learn about small business commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.
The person injured in an vehicle accident may be a child, a wage earning single parent, a brain surgeon, or even a homeless person. The costs of the accident may be relatively small or run into the millions of dollars, depending on the victim and his or her injuries. Do you have the assets to handle such costs?
Trucking operations in this chapter are among the most heavily regulated in the country. All are subject to multiple types of regulation including municipal, state and federal. The regulations are necessary because potential for severe property damage and/or bodily injury is extremely high.
All carry cargo that if not handled appropriately could have serious consequences to the cargo owner and/or the public at large. Those that carry people must prove that they keep their equipment in good condition and that employees operate in a safe, sober manner.
The insurance company pays amounts an insured is legally obligated to pay as damages because of bodily injury or property damage and certain types of pollution events covered by this insurance caused by an accident and resulting from ownership, maintenance or use of covered vehicles.
The obligation to pay is triggered only by accidental occurrences involving vehicles covered under the Business Auto Coverage Form. An eligible pollution event is covered only if it is connected to a covered bodily injury or property damage loss.
It is important that you have the proper Limit of Insurance to protect your operations. This limit is the most the insurance company pays for the total of all damages, including any covered pollution cost or expense resulting from any one covered accident, is the Covered Auto liability limit of insurance on the declarations.
This limit applies regardless of the number of insureds, autos covered, vehicles involved in an accident, premium paid, or number of claims made.
Request a free Oregon Owner Operator insurance quote in Albany, Ashland, Astoria, Aumsville, Baker, Bandon, Beaverton, Bend, Boardman, Brookings, Burns, Canby, Carlton, Central Point, Coos Bay, Coquille, Cornelius, Corvallis, Cottage Grove, Creswell, Dallas, Damascus, Dayton, Dundee, Eagle Point, Estacada, Eugene, Fairview, Florence, Forest Grove, Gervais, Gladstone, Gold Beach, Grants Pass, Gresham, Happy Valley, Harrisburg, Hermiston, Hillsboro, Hood River, Hubbard, Independence, Jacksonville, Jefferson, Junction, Keizer, King, Klamath Falls, La Grande, Lafayette, Lake Oswego, Lakeview town, Lebanon, Lincoln, Madras, McMinnville, Medford, Milton-Freewater, Milwaukie, Molalla, Monmouth, Mount Angel, Myrtle Creek, Myrtle Point, Newberg, Newport, North Bend, Nyssa, Oakridge, Ontario, Oregon, Pendleton, Philomath, Phoenix, Portland, Prineville, Redmond, Reedsport, Rogue River, Roseburg, Salem, Sandy, Scappoose, Seaside, Shady Cove, Sheridan, Sherwood, Silverton, Sisters, Springfield, St. Helens, Stanfield, Stayton, Sublimity, Sutherlin, Sweet Home, Talent, The Dalles, Tigard, Tillamook, Toledo, Troutdale, Tualatin, Umatilla, Union, Veneta, Vernonia, Waldport, Warrenton, West Linn, Willamina, Wilsonville, Winston, Wood Village, Woodburn and all other cities in OR - The Beaver State. Call us (503) 610-0300.